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Record number of organizations commended at the 5th Good MPF Employer Award Ceremony
The MPFA held the Good MPF Employer Award (GMEA) Presentation Ceremony today (9 October). A total of 1,385 employers received the award this year, setting a record for the GMEA since its launch five years ago. Nearly 90% of the awardees offered voluntary Mandatory Provident Fund (MPF) contributions for their employees, and about 30% provided more than one MPF scheme for their employees for selection.
Chief Secretary for Administration Mr Matthew Cheung, who was the Guest of Honour of the ceremony said that retirement protection is a top priority in the Government’s labour policy. The Government has endeavoured to improve the multi-pillar retirement protection system with a view to providing better retirement protection for employees. For example, in October last year, the Chief Executive announced the abolition of the offsetting arrangement of the employers’ MPF contributions with severance payments and long-service payments, and will assist employers to set up Designated Saving Accounts to save up in advance. The Government will also provide a two-tier subsidy for employers for 25 years with a financial commitment of $29.3 billion.
He commended the 1,385 GMEA awardees for not only complying with the requirements of the MPF legislation, but also sparing no effort to provide extra retirement protection for their employees. He expected that the number of awardees will continue to rise in the years ahead, with more employers becoming Good MPF Employers.
To mark the 5th anniversary of the GMEA, two new award categories were introduced this year, namely the Good MPF Employer 5 Years Award and the MPF Excellent Employer Award. A total of 374 enterprises received the Good MPF Employer 5 Years Award for being awarded the GMEA for five consecutive years. Ten of these employers offered more than one MPF scheme and made MPF voluntary contributions for all of their employees during the year, earning them MPF Excellent Employer Award.
In his speech, MPFA Chairman Dr David Wong said, “This year is the 5th anniversary of the GMEA, and the number of awardees has doubled in five years. The awardees come from a wide range of industries, including trading, finance, construction, transport and catering, employing around 220,000 employees in total. More than 65% of the awarded employers are small-and-medium-sized enterprises. This shows that, whether they are big corporations or small businesses, employers not only comply with the MPF legislation, but also are committed to provide better retirement protection for their employees.
He continued, the MPF System has been in place for nearly 20 years, and the total MPF assets have grown from $15.7 billion in the first year to around $900 billion. With the longer average lifespan and low fertility rate in the city, this sizeable retirement savings reserve will be an important asset for meeting the needs of our aging society.
An exhibition was held along with the ceremony to allow employers to learn about the benefits of using various electronic tools and the online system to handle MPF administrative process.
About 500 guests attended the ceremony, including Secretary for Labour and Welfare Dr Law Chi-kwong, Commissioner for Labour Mr Carlson Chan, awardees, and representatives of supporting organizations, endorsing organizations and the MPF industry.
The GMEA is an annual programme, which seeks to promote and foster employer compliance with MPF legislation and encourage employers to provide better retirement benefits for their employees. The full list of Good MPF Employers 2018-19 is on the MPFA website.
Chief Secretary for Administration Matthew Cheung (middle), Secretary for Labour and Welfare Dr Law Chi-kwong (2nd from right), Commissioner for Labour Carlson Chan (1st from left), MPFA Chairman Dr David Wong (2nd from left), and MPFA Deputy Chairman and Managing Director Alice Law officiated the lighting ceremony at the Good MPF Employer Award 2018-19 Presentation Ceremony.
Chief Secretary for Administration Matthew Cheung, Secretary for Labour and Welfare Dr Law Chi-kwong, Commissioner for Labour Carlson Chan, MPFA Chairman Dr David Wong, and MPFA Deputy Chairman and Managing Director Alice Law with guests and representatives of organizations receiving the Good MPF Employer Award 2018-19.
MPFA Chief Corporate Affairs Officer and Executive Director, Cheng Yan-chee and two Good MPF Employers shared the benefits of using MPF digital services in a sharing session and the latest update of the development of the eMPF Platform.
－Ends－
9 October 2019
Chief Secretary for Administration Mr Matthew Cheung, who was the Guest of Honour of the ceremony said that retirement protection is a top priority in the Government’s labour policy. The Government has endeavoured to improve the multi-pillar retirement protection system with a view to providing better retirement protection for employees. For example, in October last year, the Chief Executive announced the abolition of the offsetting arrangement of the employers’ MPF contributions with severance payments and long-service payments, and will assist employers to set up Designated Saving Accounts to save up in advance. The Government will also provide a two-tier subsidy for employers for 25 years with a financial commitment of $29.3 billion.
He commended the 1,385 GMEA awardees for not only complying with the requirements of the MPF legislation, but also sparing no effort to provide extra retirement protection for their employees. He expected that the number of awardees will continue to rise in the years ahead, with more employers becoming Good MPF Employers.
To mark the 5th anniversary of the GMEA, two new award categories were introduced this year, namely the Good MPF Employer 5 Years Award and the MPF Excellent Employer Award. A total of 374 enterprises received the Good MPF Employer 5 Years Award for being awarded the GMEA for five consecutive years. Ten of these employers offered more than one MPF scheme and made MPF voluntary contributions for all of their employees during the year, earning them MPF Excellent Employer Award.
In his speech, MPFA Chairman Dr David Wong said, “This year is the 5th anniversary of the GMEA, and the number of awardees has doubled in five years. The awardees come from a wide range of industries, including trading, finance, construction, transport and catering, employing around 220,000 employees in total. More than 65% of the awarded employers are small-and-medium-sized enterprises. This shows that, whether they are big corporations or small businesses, employers not only comply with the MPF legislation, but also are committed to provide better retirement protection for their employees.
He continued, the MPF System has been in place for nearly 20 years, and the total MPF assets have grown from $15.7 billion in the first year to around $900 billion. With the longer average lifespan and low fertility rate in the city, this sizeable retirement savings reserve will be an important asset for meeting the needs of our aging society.
An exhibition was held along with the ceremony to allow employers to learn about the benefits of using various electronic tools and the online system to handle MPF administrative process.
About 500 guests attended the ceremony, including Secretary for Labour and Welfare Dr Law Chi-kwong, Commissioner for Labour Mr Carlson Chan, awardees, and representatives of supporting organizations, endorsing organizations and the MPF industry.
The GMEA is an annual programme, which seeks to promote and foster employer compliance with MPF legislation and encourage employers to provide better retirement benefits for their employees. The full list of Good MPF Employers 2018-19 is on the MPFA website.
Chief Secretary for Administration Matthew Cheung (middle), Secretary for Labour and Welfare Dr Law Chi-kwong (2nd from right), Commissioner for Labour Carlson Chan (1st from left), MPFA Chairman Dr David Wong (2nd from left), and MPFA Deputy Chairman and Managing Director Alice Law officiated the lighting ceremony at the Good MPF Employer Award 2018-19 Presentation Ceremony.
Chief Secretary for Administration Matthew Cheung, Secretary for Labour and Welfare Dr Law Chi-kwong, Commissioner for Labour Carlson Chan, MPFA Chairman Dr David Wong, and MPFA Deputy Chairman and Managing Director Alice Law with guests and representatives of organizations receiving the Good MPF Employer Award 2018-19.
MPFA Chief Corporate Affairs Officer and Executive Director, Cheng Yan-chee and two Good MPF Employers shared the benefits of using MPF digital services in a sharing session and the latest update of the development of the eMPF Platform.
－Ends－
9 October 2019
